IMPS Full Form: What is IMPS?: In this article, you will know about IMPS Full Form and all the necessary information about IMPS. In today’s time, many people use online payment options to send money, the most popular of which are UPI, Paytm, PhonePay, Google Pay, IMPS, etc. You must have heard about Amazon Pay, Google Pay, etc. But do you know about IMPS? Many people also transfer money with it, but very few people will be fully aware of it. So let’s know what is IMPS?
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In this age of technology, today most of our work is done online sitting at home. Today we can easily do our banking-related tasks through an online platform, whether to open an account in the bank, pay anything or send money to any person. All the tasks are easily completed through an online medium. Is. Today we will tell you through this post of ours that, IMPS Full Form. Just stay connected with us till the end of this post in which you will get complete information about IMPS.
Table of Contents
What is IMPS?
This service was launched on 22 November 2010, today most of the banks in India are providing the benefit of this service to their customers. Which include Axis Bank, Bank Of India, Canara Bank, Central Bank Of India, etc., it is a great medium to send or receive money instantly.
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IMPS Full Form
IMPS Full Form – “Immediate Payment Service”
Immediate Payment Service is such a banking payment service, through which you can send money from one account to another in real-time, through IMPS, money can be sent to any person at any time.
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IMPS is a service provided by NPCI (National Payments Corporation of India), through which you can transfer or receive funds instantly, through IMPS you can avail of a banking facility through ATM, internet, or mobile anytime in 24 hours.
Payment Transfer via IMPS
You can do IMPS Fund Transfer by the following methods:
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By MMID (Mobile Money Identification Number)
This is a 7 digit unique number for using the IMPS service, which is used to transfer funds through IMPS. You can use the internet banking facility of your bank to get the new MMID. The instructions for this are shown below:
- First of all login to your “Mobile Banking App”.
- After this, go to the section of “Fund Transfer” and select “IMPS”.
- After selecting IMPS, pay the money you want to send by adding “Account Number”, “Mobile Number” and “MMID Code”.
- You can “Verify” this transaction through OTP or MIPN.
- In this, money is debited from your account and credited to the recipient’s account.
- After payment, you will get a message containing all the details of the transaction, save the screenshot as this number can come in handy anytime.
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Fund Transfer by Mobile
To transfer funds from mobile, first, you have to activate a mobile banking service in your bank account, after that, you can transfer funds to any person.
Via ATM
To do IMPS from ATM, it is very important to have the debit card number of the money you want to pay. The following points can be taken to make use of this facility:
- To do IMPS, first swipe your debit card at the ATM, then enter your ATM PIN.
- After entering the ATM PIN, select the option of fund transfer and go to the option IMPS.
- After going to the option of IMPS, the mobile numbers that you had registered will be visible.
- Selecting the mobile number, you have to enter the mobile number and MMID number of the person to whom you want to transfer the money.
- Now fill in the amount you want to transfer and “Confirm” and “Send”.
- After completing the above-mentioned method, money will be debited from your account and credited to the recipient’s account.
- After the payment is done, you will receive a message in which all the information related to the payment will be written.
IMPS Limit
IMPS Limit ranges from Rs 1 to Rs 2 lakh. Its minimum limit per transaction is Rs. 1 and maximum Rs. 2 lakhs up to Rs.
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IMPS Charges
Its charges are Rs. 2.50 paise, for amounts above Rs. 10,000 but up to Rs. 1 lakh – Rs. 5 and above Rs. 1 lakh but up to Rs. 2 lakhs – Rs.15. Service tax is levied by the bank on whatever IMPS we transfer to any person.
Note: This post is only for informational purposes. Maybe Some data is changed by time or wrong. In this case, We are not responsible. So For better Knowledge of the IMPS. Please visit the Bank’s Official Websites.
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